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krisluke
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09-May-2011 20:42
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Politics In 60 Seconds: What You Need To Know Right Now Good morning! Here's what you need to know:   1. The National Journal reports: " Last week’s U.S. raid into Pakistan is fueling one of the country’s most enduring—and potentially dangerous—conspiracy theories: that the U.S. has designs on Pakistan’s nuclear arsenal and is prepared to send highly trained commandos into the country to seize control of the weapons." 2. Two Pakistani media outlets aired the name of the CIA station chief in Islamabad. The source of this information was obviously someone from inside the Pakistan government. Pakistan's government seems resolute in its determination to drive the country over a cliff. 3. US officials, from President Obama on down, stepped up the pressure on Pakistan's government yesterday, saying that bin Laden clearly had a " support network" in Abbottabad and demanding access to three of bin Laden's wives who are being held by Pakistani authorities. 4. A Taliban attack on Kandahar, Afghanistan brought the city to a standstill over the weekend. The attack was the first major event of the Taliban's much advertised " spring offensive." 5. The crackdown on the Sunni uprising in Syria continued. Reinforcements of government forces were mobilized and deployed in two major cities. The crisis in Syria now enters its eighth week. 6. The Financial Times reports: " European officials are preparing to revamp Greece’s bail-out package after concluding that Athens would be unable to raise money in the markets early next year, as envisaged under a €110bn ($158bn) rescue plan." 7. You cannot have a monetary union without a political union. This basic truth is what prevents resolution of the rolling " debt crises" that threaten the EU. Wolfgang Munchau reports on the events of the last three days. 8.The Wall Street Journal reports: " The municipal-bond market appears to be surmounting one of its most urgent challenges of the year as banks renew billions of dollars worth of expiring credit agreements with state and local governments, avoiding a costly scramble to refinance." 9. Newt Gingrich is expected to formally announce his candidacy for the 2012 GOP presidential nomination this week. Mr. Gingrich is formidable in part because he sits atop a large network of enterprises that he has created and built up over the course of the last 13 years. DC insiders call his network " Newt Inc." 10. Former US Ambassador to China Jon Huntsman addressed the graduating class of the University of South Carolina over the weekend. " Be you. Remember others. Embrace failure. Find someone to love. Give back. Never forget to rock and roll," he said. The text of his speech can be found here. Mr. Huntsman is considering a campaign for the 2012 GOP presidential nomination. 11. Following last Thursday's GOP presidential campaign debate in South Carolina, long-shot candidate Herman Cain has become something of a " hot property." He's gained what every long-shot dreams of: traction. 12. The Obama Administration will rachet up its push for immigration reform this week a bit of Washington Kabuki theater designed to convince Hispanics that Obama has a strategy for passing immigration reform even though everyone knows that he does not. |
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krisluke
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09-May-2011 20:41
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10 Things You Need To Know Before The Opening Bell Good morning. Here's what you need to know.
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pewpewpew
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09-May-2011 20:00
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SingTel chairman to step down   SINGAPORE: Singapore Telecommunications (SingTel) said its Chairman Chumpol NaLamlieng will step down as Chairman and Director of the company.    http://onefinanceasia.com/news.php?newsid=20115  |
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krisluke
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09-May-2011 19:16
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Libya rebels score breakthrough $100 million oil deal
ABU DHABI (Reuters) - Libyan rebels have found a way to access badly needed cash, selling oil worth $100 million (61 million pounds) paid for through a Qatari bank in U.S. dollars, a member of the rebels' oil and gas support group for Libya said on Monday.
  Rebels fighting Libyan leader Muammar Gaddafi were growing increasingly desperate for cash for food and medicine, prompting Western and Arab countries to pledge a cash lifeline potentially worth billions last week.   " So far around 1 million barrels have been sold at $100 million and the money is used to buy basic commodities like food and other aid," the source said, speaking on the sidelines of a meeting of Libya opposition tribal councils in Abu Dhabi.   " The payments for the Libyan crude are made through a bank account in Qatar and the payment is made in U.S. dollars," said the rebel source, who asked not to be identified.   Soon after rebel forces took control of key oil facilities in Libya's east, Qatar stepped in with an offer to help them market and sell oil.   " We have set up an oil and gas support group in Doha and we now have an office there," the source said. " Qatar is helping with marketing the crude and our main target market is now southern Europe."   Libya's National Oil Corporation (NOC), which effectively controlled the OPEC member's entire oil sector, is under U.N. sanctions. |
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krisluke
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09-May-2011 19:15
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Euro bounces back on commodities, still on shaky ground
By Hideyuki Sano
  TOKYO (Reuters) - The euro bounced back on Monday as some funds scooped it up after a steep drop last week but speculators' bloated long positions in the currency pointed to a risk of further falls even after policymakers denied a report that Greece may consider quitting the euro zone.   A rebound in various commodity prices after their rout last week also helped to pull up the euro from its three-week low hit last week and lifted commodity currencies.   But traders were not sure if the worst was yet over for commodities, and said that the euro looks vulnerable after the European Central Bank last week quelled expectations of a rate hike next month.   " Given the fast pace of the euro's rise up until last week, I wouldn't be surprised if the euro falls below $1.42," said a Japanese bank trader in Tokyo.   One possible target for the euro is a 38.2 pct retracement of its rally this year at around $1.4150.   The euro gained 0.5 percent to $1.4389 after a 3.3 percent fall in the past two sessions that took it to a three-week low around $1.4310.   It extended losses late on Friday following a German news report, which was later denied, that suggested Greece had raised the possibility of leaving the euro zone.   Against the yen, the euro gained nearly 0.7 percent on Monday to 116.20 yen after falling to a five-week low of 115.23 yen on Friday.   " (The report on Greece) was just a trigger. In reality, the market is being driven by flows and positioning. It just shows how long the market had become in the euro," said a trader at a Japanese bank.   Indeed, data from the U.S. Commodity Futures Trading Commission released on Friday showed speculators had extended euro long positions to 99,516 contracts in the week to May 3, the highest since July 2007, from 68,279 contracts the week before.   While some of the long positions are likely to have been unwound already in the euro's tumble late last week, traders said that a large number of euro long positions are left, making it vulnerable.   " One of this week's focuses is Chinese data. I suspect a weak reading is likely to cause a reaction in the euro," the Japanese bank dealer said. Chinese inflation and industrial production data is due on Wednesday.   HAUNTING THE EURO   Some market players think uncertainty over how the euro zone will tackle debt crises in some of its member countries could haunt the euro.   Jean-Claude Juncker, head of the group of euro zone finance ministers, has denied the report in Germany's Spiegel Online magazine that the talks were held to discuss the possibility, raised by Athens, of Greece withdrawing from the 17-member euro zone, as well as the idea of restructuring Greece's 327 billion euro sovereign debt.   While few market players think Greece is likely to drop out of the euro in the near future, the European Union is under pressure to renegotiate its financial bailouts of Ireland and Greece with an Irish minister saying any concessions given to Athens should mean better terms for Dublin as well.   That would complicate the EU's efforts to rescue indebted countries, as more concessions could mean more losses for many European banks that hold Greek and Irish debt.   Still, Some market players think that the euro could rebound soon, with its yield advantage over the dollar remaining intact as the euro zone's debt problems are hardly new to any investors.   " Everyone knows there are debt problems but the market has been buying the euro nonetheless this year. It has decided they should ignore the debt problems and focus on yield gaps instead," said Kimihiko Tomita, head of forex at State Street in Tokyo.   " For the market to speak out and say the king is not wearing clothes, it needs a bigger catalyst," Tomita said, adding that a larger political backlash against bailout schemes may be a possible trigger for that to happen.   For now, the euro and commodity currencies are being helped by a rebound in oil prices, after diving prices for various commodities, ranging from silver to oil, last week triggered profit-taking in the euro.   The Australian dollar rose 0.6 percent to $1.0750, extending its gains following comments from the Australian central bank that rate hikes will be needed in the future to contain inflation.   Friday's data showing U.S. employers added 244,000 jobs last month, well above economist expectations, also strengthened investor risk appetite, helping higher-yielding currencies such as the euro and the Australian dollar.   The data also helped to boost the U.S. dollar against the Japanese yen, though gains were limited as U.S. bond yields have hardly risen on the data.   The dollar stood at 80.65 yen, off last week's seven-week low of 79.57 yen, though it is still below Friday's high of 80.95 yen hit after the U.S. payroll data. |
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krisluke
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09-May-2011 19:14
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Korea won wipes out early gains on Greece fears
SEOUL, May 9 (Reuters) - The South Korean won almost wiped out early gains against the dollar on Monday as renewed uncertainty over Greece's debt load persuaded traders to reduce holdings in riskier assets ahead of a public holiday.
  The won rose as much as half a percent to a session high of 1,078.3 from Friday's domestic close of 1,083.2, but gave back most of the gains to end the local session at 1,082.4.   " Offshore players gradually increased dollar purchases in the afternoon as uncertainty in global markets received fresh attention and hurt stock prices," said a foreign bank dealer.   Foreign net purchases of local stocks after strong U.S. payrolls data lent brief support to the won, but Seoul's main stock market ended down.   South Korean financial markets will be closed on Tuesday for a public holiday and reopen Wednesday.   Government bond prices held steady almost across the board as investors were reluctant to change positions ahead of the holiday and a central bank policy meeting later in the week. |
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krisluke
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09-May-2011 19:08
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Singapre dlr rebounds euro may keep falling vs Asia
* Sing dollar up 0.7 pct after election
  * Euro vs Asia ex-Japan sees technical reversals lower   * Won up on hedge fund demand (Updates with text, prices)   By Jongwoo Cheon and Krishna Kumar   SINGAPORE/SYDNEY, May 9 (Reuters) - The Singapore dollar led gains in other Asian currencies on Monday, with investors taking higher commodity prices as a green light to rebuild bets on regional emerging currencies, which may keep strengthening especially against the euro.   The Malaysian ringgit, the South Korean won and the Singapore dollar had major reversals higher against the euro late last week after hitting technical support, indicating they have more rooms to rise further versus the euro.   Stretched positioning and worries about Europe's debt problems may keep investors selling the euro against the emerging Asian currencies, whose longer-term economic fundamentals are generally stronger then developed markets, analysts said.   " This is our strong mid-term view, as AXJ will rise against the dollar a bit but euro/dollar is going down this year. So it's better to fund long Asian FX with the euro," said Dariusz Kowalczyk, senior economist and strategist at Credit Agricole CIB in Hong Kong.   He said the won, the Philippine peso and the Chinese yuan would be good to buy against the euro.   " The Korean won and Philippine peso remain relatively undervalued compared to other regional currencies when compared to pre-global financial crisis levels, and they will be supported by solid growth and rate hikes. The yuan will be allowed to rise relatively fast to curb imported inflation," Kowalczyk added.   Emerging Asian currencies have attracted foreign fund flows on stronger economic recovery and policymakers' efforts to fight inflation as well as amid ample liquidity.   Many dealers have not spotted big flows linked to such cross-flows yet, but Andy Ji, Asian currency strategist and economist with Commonwealth Bank of Australia in Singapore, thinks short euro/emerging Asian FX is a good way to be positioned in the near term.   " We think the USD to strengthen further especially if the retail trade out the U.S. is strong. We also expect the risk sentiment to recover somewhat on a benign mix of growth/inflation data out of China this week," said Andy Ji, Asian currency strategist and economist at .   " Thus, selling EUR/AXJs should still make sense."     SINGAPORE DOLLAR   The Singapore dollar rose against the U.S. dollar as interbank speculators and leveraged investors bought it after the weekend's general election kept a ruling party in power.   Investors, who had reduced positions in the city-state's currency before the election, started adding the positions again, a U.S. bank dealer in Singapore.   Singapore's ruling party swept back to power as expected in the most contested general election since independence, although the opposition made historic gains and the prime minister signalled there would be change in the tightly governed city-state. [ID:nL3E7G70DF]   " Government only lost a small number of seats so the market took this as a sign that there wouldn't be any turmoil," said Jonathan Cavenagh, currency strategist at Westpac in Singapore.     WON   The won gained on demand from hedge funds in Singapore and Hong Kong and exporters scooped up the local currency for settlements.   Some exporters bought a small amount of the South Korean currency against the euro, dealers said.   On Friday, dollar/won's 14-day Relative Strength Index (RSI) rose to 47.57, the highest since March 23 though still far from overbought territory.   But the won gave up most of earlier rises as investors covered dollar-short positions with local financial markets set to be closed on Tuesday for the Buddha's Birthday. Importers also bought dollars for settlements, traders said.   One-month dollar/won non-deliverable forward (NDF) was quoted at 1,083.5, implying it is a bit lower than spot dollar/won given the swap points of 2.35.     RINGGIT   Euro/ringgit has failed just above the resistance area of 4.3900-4.4100, a series of previous highs going back over the past year, and appears poised to fall further if it sinks below 4.2775 and 4.2825, respectively a previous low on April 18 and the bottom of this year's trend channel.   The pair may have room to fall to at least 4.0214, the 76.4 percent Fibonacci retracement level of the rise between June 2010 and May this year.   CURRENCIES VS U.S. DOLLAR Change on the day at 0715 GMT Currency Latest bid Previous day Pct Move Japan yen 80.60 80.65 +0.06 Sing dlr 1.2317 1.2399 +0.67 Taiwan dlr 28.595 28.778 +0.64 Korean won 1081.30 1083.20 +0.18 Baht 30.17 30.22 +0.17 Peso 42.94 43.08 +0.33 Rupiah 8555.00 8575.00 +0.23 Rupee 44.66 44.79 +0.28 Ringgit 2.9855 3.0010 +0.52 Yuan 6.4954 6.4938 -0.02   Change so far in 2011 Currency Latest bid End prev year Pct Move Japan yen 80.60 81.15 +0.68 Sing dlr 1.2317 1.2820 +4.08 Taiwan dlr 28.595 30.368 +6.20 Korean won 1081.30 1134.80 +4.95 Baht 30.17 30.14 -0.10 Peso 42.94 43.84 +2.10 Rupiah 8555.00 9005.00 +5.26 Rupee 44.66 44.70 +0.09 Ringgit 2.9855 3.0820 +3.23 Yuan 6.4954 6.5897 +1.45 (Reporting by Le Soo-jung in SEOUL and Catherine Tan of IFR Markets Editing by Kevin Plumberg) |
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krisluke
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09-May-2011 19:07
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Another Huge Curve Ball From Japan The conventional wisdom a week ago was that Japan's economy was rebounding with surprise resiliency. The Nikkei was zooming back towards 10,000, and the issues at Fukushima, though ongoing, were basically no longer of major concern.   Now there's a new curve ball from Japan, as late on Friday PM Naoto Kan called on further nuclear plant shutdowns (temporarily) for safety reasons. Specifically, he quested that the company Chubu Electric shut down its Hamaoka plant, a call that sent shares of Chubu Electric down 10% in today's trading. But the ramifications could spread far beyond that company. Lack of electricity is probably the main thing hampering the recovery now, and its impact is still being felt across global industries that rely on Japan for manufacturing. It's particularly harming the car industry -- both Japanese firms and others. If Kan's surprise move makes a meaningful dent to electric power generation, watch out. |
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krisluke
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09-May-2011 19:06
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Palm bounces as markets stabilise after last week's rout
* Palm oil rebounds back after touching 6-month low
  * Palm oil to trade between 3,250 ringgit-3,300 ringgit   * Soy planting weather, key US data eyed (Adds details, comments, prices)   By Angie Teo   KUALA LUMPUR, May 9 (Reuters) - Malaysian palm oil futures rebounded from six-month lows on Monday, in line with stronger commodity markets, as solid U.S. payrolls data showed the global economy was on track for recovery although fundamentals for the tropical oil remain uncertain.   Palm oil has lost nearly 15 percent so far this year on rising stocks and still weak demand. It also fell to a six-month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the U.S. economy and reduced risk taking.   " Today everything is up -- not only palm," said a trader. " Last week's commodity sell-off was a bit overdone.   " The palm fundamentals are still looking quite good -- we're hearing exports are not as bad as last month."   The benchmark July crude palm oil contract < KPOc3> on Bursa Malaysia Derivatives closed up 1.4 percent to 3,238 ringgit ($1,078) a tonne. At the start of the trading session, the contract briefly hit a six-month low of 3,192 ringgit.   Traded volume was at 14,584 lots of 25 tonnes each, compared to 19,131 lots on Friday.   A Reuters technical analysis showed the benchmark palm oil contract is expected to bounce into a range of 3,250 to 3,300 ringgit per tonne, as a triangle pattern may fail.[ID:nL3E7G9089]   Supply concerns stemming from uncertain weather in the Americas also supported the market ahead of key U.S. agriculture data due on Wednesday.   The data will give its first estimate of ending stocks for this year's corn and soybean crops. Additionally, it will update global crop production numbers, including corn and soy output in Brazil and Argentina.   Chicago wheat rose more than 2 percent on Monday, while corn gained 1 percent, as investors bought back grains on concerns over unfriendly crop weather in the United States and Europe.   U.S. soyoil for July delivery rose 0.4 percent in Asian hours and the most active January 2012 soyoil on China's Dalian Commodity Exchange inched up.   " The rebound we see today is a knee jerk reaction. Overall, soyoil is still trading downwards," said an oil analyst with a Shanghai-based local brokerage.   " However, supply worries due to expectation of weaker soybean and rapeseed production in the country could continue to support the market."   Soybean output in China is expected to fall 2-4 million tonnes in late August as planting intentions have shifted to the lucrative corn crops. |
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krisluke
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09-May-2011 19:05
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And Now Iran's Take On The Bin Laden Raid Iran, of course, has joined the chorus of voices calling the Bin Laden raid a hoax.   Intelligence Minister Heidar Moslehi told Press TV on Sunday: “We have accurate information that bin Laden died of illness some time ago.” “If the US military and intelligence apparatus have really arrested or killed bin Laden, why don't they show him (his dead body) why have they thrown his corpse into the sea?” Moslehi asked. |
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krisluke
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09-May-2011 19:04
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Oil, silver up on weaker dollar, upbeat jobs
* Brent above $111, silver bounces 5 percent
  * Goldman Sachs, JP Morgan see oil higher on tight supply   * Eyes on China economic data this week     (Adds comments, details, updates prices)   By Amanda Cooper   LONDON, May 9 (Reuters) - Commodities bounced some way back on Monday from their biggest weekly drop since 2008, revived by a weaker dollar and strong U.S. jobs data, which helped restore some confidence to a shaken investment community.   Brent crude oil broke above $111 a barrel and U.S. silver leapt by more than 5 percent after data on Friday showed U.S. private firms added jobs at the fastest pace in five years in April.   The dollar slipped against a basket of currencies as as heartened investors turned to higher-yielding, riskier assets, to the benefit of the commodity complex.   The strong U.S. non-farm payrolls brought some relief to markets concerned about the impact of soaring commodity prices on shaky economic growth in Europe and the United States, and on inflation in the fast-growing economies of China and India -- one of the factors behind last week's rout in the prices of raw materials.   Silver bore the brunt of last week's sell-off, falling by 25 percent in its biggest weekly slide in 30 years.   " We're seeing a bit of stabilisation after the horrors and shock of last week," Credit Agricole analyst Robin Bhar said.   " We've had a bit of a pullback in the dollar. The general trend has been for the dollar to strengthen against the euro, but there's been a bit of a bid coming back for the euro this morning, so that's helping."   Oil had led the charge higher after both U.S. and Brent crude fell by a record of more than $16 last week.   Brent crude rose 3.1 percent to $112.22 a barrel by 1037 GMT, off a high of $111.63. It tumbled $16.76 last week, its largest weekly decline in dollar terms.   " Prices have fallen very sharply and very quickly, so people are dipping their toes back in," said Citigroup analyst David Thurtell.   " With the market a lot cleaner now than it has been for some time, you can get some chunky moves in either direction."   Some heavyweight banks came out on Friday in oil's support, with JP Morgan raising its 2011 Brent crude forecast by $10 to $120 a barrel, citing an undersupplied market.   Goldman Sachs, which in April predicted a major correction for commodities, said that while it was not ruling out a further fall in oil prices, crude could top its recent highs by 2012 on tight global supplies.     PRECIOUS REGAINS LUSTRE   Silver futures were up by 6 percent, set for their largest one-day rise in six months. But the rally was not enough to recover the 20 percent lost over the previous five trading days.   Spot silver rose 4.6 percent to $37.33 an ounce after losing a quarter of its value last week. COMEX silver jumped 5.5 percent to $5.45 an ounce.   The more than 30 percent plunge in silver prices from record highs in late April, triggered by a string of margin hikes on U.S. silver futures, accelerated the broad commodity decline.   The extent of the exodus from silver was reflected in last week's 33-million ounce decline in holdings of silver in exchange-traded funds, which globally now stand at their lowest this year.   The world's largest silver ETF, the iShares Silver Trust saw a record $1 billion outflow in the week ended May 4, leaving holdings at a six-month low of 10,253.75 tonnes by Friday.   Spot gold rose 0.8 percent to $1,506.99 an ounce after falling more than 4 percent last week.   " The dollar has stabilised, and it is not unusual that some bottom fishing will be taking place," said Ole Hansen, a senior manager at Saxo Bank. " Gold did not break any significant levels on the downside, so long-term investors were not forced out like in silver, where it was pure carnage."   Friday's data showed U.S. non-farm payrolls rose 244,000 in April, the largest rise in 11 months, outstripping forecasts for a rise of 186,000, the most since February 2006.   The data, which revived confidence in the world's No. 1 economy, boosted commodities on Friday after Thursday's bloodbath, although a stronger dollar made those gains short-lived.   The 19-commodity benchmark Reuters-Jefferies CRB index dropped 9 percent last week, its biggest weekly decline since December 2008, the nadir of the global financial crisis.   Attention shifted to Chinese data this week, starting with trade numbers on Tuesday, for signs of import demand from the world's top commodity consumer.   " If there's evidence that the Chinese are still not buying or have cut their imports a lot you'll probably find that copper could revisit the lows of last week," Citigroup's Thurtell said.   Three-month copper on the London Metal Exchange rose 1.2 percent to $8,936 a tonne, while Chicago wheat led grains higher, rising 2.3 percent to $7.77 a bushel, supported by unfavourable weather conditions in the United States and Europe.   (Additional reporting by Marie-Louise Gumuchian, Jan Harvey and Claire Milhench in London and Manolo Serapio Jr in Singapore editing by William Hardy) |
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krisluke
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09-May-2011 19:02
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Kyle Bass Just Went Long Silver Kyle Bass catches the falling knife. Buried at the bottom of Gregory Zuckerman's roundup of the last mad action in the silver market is a nugget that the Hayman Capital manager bought silver early on Friday morning. He's probably doing pretty well. At around $37/oz. right now, it's already up about 12% from its recent lows. Bass' move comes as many other hedge funds are getting out of gold and other precious metals. George Soros has been dumping, as has John Burbank of Passport Capital. The rest of the article is filled with good anecdotes, including one about an unemployed 31-year old man in Beacon NY who bought silver last week, on a tip that it was going to go higher, and that the proceeds would be used to fund a move to New York City. That didn't work out so well. Regardless, when you see stories of average Joe investors buying up silver to fund their moving cities, the exchanges certainly look very rational in hiking margin requirements. |
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krisluke
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09-May-2011 19:00
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UK Has Spent More Bailing Out Other Countries Than It Has Saved Through Austerity The UK has already spent more on bailing out countries in the eurozone than it has saved through austerity measures this year, according to Conservative MP Douglas Carwell.   " Bailouts for the Irish and Portuguese already dwarf all the savings to tackle the deficit over the last year. A Greek bailout on top of that would be astonishingly unfair on British taxpayers and pensioners," Carwell said to the Daily Mail. The UK Chancellor of the Exchequer George Osbourne has made clear he doesn't want to participate in another Greek bailout, but he may not have a choice. Under the previous administration, the UK agreed to participate in the eurozone bailout fund, even though it is not a euro member. So the UK will be providing cash to Portugal through both the EU and IMF. It already has bilateral bailout deals with Ireland. The Daily Mail estimates that, after the Portuguese bailout, the UK may be on the hook for as much as $23 billion. |
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krisluke
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09-May-2011 18:58
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China Turned Down Kim Jong-il's Request For 30 New Bomber Jets Last May when the Korean peninsula was in crisis after the sinking of the Cheonan, Kim Jong-il traveled to China. The details of his visit have been revealed by a government source to Korea's JoonAng Daily.   Kim asked for weapons, including 30 Jianjiji Hongzhaji fighter-bombers loaded with C-801 and C-802 anti-ship missiles. Thankfully China said no. The source said Kim was convinced that North Korea should be prepared for a counter-strike from the United States and South Korea after the sinking of the Cheonan last March. |
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krisluke
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09-May-2011 18:41
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Singapore Election Watershed May Ease PAP’s Political Hold May 9 (Bloomberg) -- Singapore Prime Minister Lee Hsien Loong pledged his People’s Action Party will change the way it governs after returning to power with the smallest margin of popular votes and the opposition won a record number of seats. The party, in power since independence in 1965, won 81 out of 87 parliamentary seats and 60.1 percent of the vote on May 7, compared with about 67 percent in the 2006 election, Elections Department data show. Two cabinet members lost their seats, including Foreign Minister George Yeo, as the opposition Workers’ Party won a multiple-seat district for the first time. Lee, 59, faces pressure to be more responsive to criticism of government policies. He said his party will engage the population more in decision-making after what he called a “watershed” election. A reduced monopoly on political discourse may mean increased attention to calls for reining in housing costs and tightening immigration policies that boosted the island’s population by about a fifth since 2005. “All those expressions of humility, the need to work harder to understand the people better, to connect with them emotionally -- all these cannot be hollow policies” in the aftermath of the vote, said Catherine Lim, a Singapore-based author and political commentator. The political structure is poised to shift after the emergence of a “new, sophisticated and more articulate people and opposition,” she predicted. Housing Policy In the run-up to elections, the government pledged to build more homes and review the income ceiling that lets families buy new units from the public housing authority, instead of through the more expensive resale market. A higher income ceiling would also allow more people to get lower interest rates on mortgages from the Housing & Development Board, rather than banks such as DBS Group Holdings Ltd. and United Overseas Bank Ltd. “All Singaporeans of different strata and groups have higher aspirations and expectations, and many of them wish for the government to adopt a different style and approach to government,” Lee said in a press conference yesterday. “We hear all your voices. And that means not only the government working hard on its own with a population passive, but engaging Singaporeans in the more difficult decisions and trade-offs which governing Singapore involves.” While the PAP’s vote tally was down, it still held above the level some analysts said would mark a particularly poor showing. Eugene Tan, assistant professor of law at the Singapore Management University, had set a bar of a loss of more than seven seats by the PAP or its share of the popular vote dipping below 60 percent. Stock Market Rally Singapore stocks rose the most in two weeks today, rebounding from their worst weekly decline in almost two months. The benchmark Straits Times Index rose 1.3 percent, rebounding from a 2.5 percent loss in the week leading to the May 7 polls. The Singapore dollar rose 0.6 percent. “It was certainly a positive political advance but I don’t think it will change the economic policies in the near term,” David Cohen, a Singapore-based economist at Action Economics said in a Bloomberg Television interview. “Their policies including free trade, an efficient and corruption-free bureaucracy, healthy investment and infrastructure, and education have been very effective.” The PAP’s diminishing vote signaled that the success of the party in nation-building since independence in 1965 is less of a lure to younger voters. A similar pattern has occurred in some post-colonial countries, from India, where the Congress Party’s hold on politics was broken in the 1990s, to Malaysia, where the ruling party has seen its grip loosened in recent years. Lee Kuan Yew, 87, the Cambridge University-trained lawyer who led the island from British rule and serves as minister- mentor in the cabinet led by his son, Lee Hsien Loong, was returned to office. His constituency was the only one that went uncontested. Economic Success The island that former economic adviser Albert Winsemius once said was considered a “poor little market in a dark corner of Asia” is now ranked by the World Bank as the easiest place to do business, has the world’s second-busiest container port, and boasts the highest proportion of millionaire households, according to the Boston Consulting Group. Still, citizens say they are bearing the impact of policies to allow hundreds of thousands of immigrants and foreign workers, causing an increase in home prices, competition for jobs and a stretched public transportation system. The influx of foreigners, both skilled and unskilled, has boosted sales for transportation providers including SMRT Corp. and telephone companies such as Singapore Telecommunications Ltd. It also helped consumption, since the birth rate has been below the level needed to replace the population since the 1970s. Wealth Gap With the influx of foreign workers restraining the wages of some Singaporeans, some citizens became angered by the salaries received by government ministers, which are among the world’s highest. Property stocks including CapitaLand Ltd. and Keppel Land Ltd. had fallen before the election on concern there would be increased pressure to rein in home prices. CapitaLand dropped 4.7 percent in the month to May 6, exceeding the 2.2 percent decline in the Straits Times Index, while Keppel Land retreated 11 percent. The Singapore dollar fell 0.8 percent last week. The Workers’ Party that won a multiple-seat district fielded its so-called A-team, including Secretary-General Low Thia Khiang, Chairman Sylvia Lim and Davis Polk & Wardwell LLP lawyer Chen Show-Mao, who has advised on deals like Agricultural Bank of China Ltd.’s $22.1 billion initial share sale. Politicians competed in single-seat wards or multiple-seat districts called Group Representation Constituencies, or GRCs. The May 7 election was the first time the PAP lost a GRC since the electoral system was started in 1988. Opposition’s Call “Your votes tell the world that you want Singapore to mature as a democracy, and you want to tell the government that you want a more responsible, inclusive, transparent, accountable government,” said Low, who has been in parliament since 1991. “Your votes tell the world that Singapore is not just an economic success to you. Singapore is our home.” The PAP has overseen a 41-fold jump in gross domestic product, combining a focus on education, homeownership, business friendliness and strict laws to boost citizens’ wealth. Lee’s recent efforts to spur the economy include the opening of two casino resorts, bringing Formula One races to the island and attracting foreign workers. “We’ve gone through a roller-coaster ride, we’ve been exposed to stresses and uncertainties from the globalized economy and also we are undergoing significant changes in our society,” Lee said. Singapore’s GDP was about S$285 billion ($231 billion) last year, compared with S$6.9 billion in 1960, based on 2005 market prices. GDP grew 14.5 percent last year, the most in Asia. The government plans to spend S$6.6 billion on benefits for citizens in this year’s budget to ease the burden of inflation. After losing a GRC, “hopefully that’s a wake-up call for the PAP to be less complacent and arrogant and to step up and do their work,” said Lim Yii Hong, a 33-year-old doctor. “If they actually do that, I think Singapore is the one that benefits in the end and all of us will benefit.´´
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krisluke
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08-May-2011 21:45
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Oil crash pits floor veterans vs computer algos
* Traders describe " greed and fear" in trading pits
  * Futures traders rue past days of open-outcry trading   * New breed of automated traders play greater role   By David Sheppard, Emma Farge and Jonathan Spicer   NEW YORK, May 6 (Reuters) - A day after oil prices plunged an unprecedented $12 a barrel, a New York trader sat on the steps of the dormant oil futures pit, playing a word game on his tablet computer.   Back to business as usual for floor traders, a vanishing breed in a market now dominated by machines and algorithms, a fact that some of them say worsened one of the most shocking -- and baffling -- trading sessions ever.   On the waterfront of Manhattan's southern tip, veterans of the New York Mercantile Exchange's (NYMEX) pits recounted how the crash reminded them of the heyday of the trading floor.   " Yesterday was organized chaos down on the floor, it was right back to the old days," said Chris Kenny, crude oil options trader at Lloyd Group. " The size of the move was almost unprecedented and you could see it all there. Greed and fear, that's what this job is all about."   Action in the options pit was still lively, they said, reminding them of the jostling and jousting of days gone by.   Miles away from the emotional rollercoaster that marked Thursday's puzzling rout, the new breed of computer traders counted their profits in anonymous offices across the country.   High-frequency and algorithmic traders, comprising half the oil market, seem to have weathered Thursday's mayhem without breaking a sweat, unlike many of the new breed who took a beating in the stock market " flash crash" exactly a year ago.   " We continued to trade normally and be involved in the market the whole time, no differently than the day before. We didn't change our risk parameters or our model parameters," an oil futures trader at an proprietary algorithmic trading firm told Reuters.   Unlike with the stock market's " flash crash," few old-school traders blamed the algos for the fall, although some did blame them for the end of a way of life that aided both transparency and liquidity in an often opaque market.   " When you get massive electronic long-liquidation like that the price just moves rapidly. It wouldn't have been the same on the floor," said Bob Penny, an individual trader of crude oil and sugar who has been in the business for 31 years. " You didn't get price vacuums there. Funds don't try and finesse it -- when they decide to sell they just hit it."   While conventional wisdom would have suggested buying on the dips in such a seemingly illogical and abrupt decline, computer programs said otherwise as the fall continued.   " If you'd followed conventional wisdom... you would have got killed," said Jeffrey Grossman, President of BRG Brokerage.   Analysts at investment bank Credit Suisse said automated trading probably did play a role in the fall.   " We believe the magnitude of the correction appears in large part to have been exacerbated by algorithmic traders unwinding positioning."   NOSTALGIA   Many oil trading veterans returning to the NYMEX building on Friday swapped war stories of the previous day. Many still work out of booths and offices at the NYMEX, where open-outcry trading has withered due to the rise of electronic trading over the past decade.   The open pit still exists, but only a few thousand lots ever trade there, a fraction of the million-plus that trade almost round-the-clock.   Veteran traders at NYMEX, a unit of CME Group Inc, recalled price swings linked to some of the biggest moments in recent U.S. history, including the 9/11 attack and Hurricane Katrina. The difference this time? Even a day later, most are unable to pinpoint exactly what set off the frenzy.   The bout of panic selling jump-started trading in the oil options pit, which has resisted the migration of volumes to electronic screens. Traders and brokers still stand shoulder to shoulder, communicating complex deals through a series of shouts and hand gestures incomprehensible to outsiders.   Brokers described near chaos in the pit as traders loaded up on $95 and $100 a barrel option contracts to protect against further price falls.   " People were getting their faces ripped off yesterday, everyone was yelling and screaming all day," one crude oil options broker said, who asked not to be named.   NEW GUARD   The way prices move has changed with trading practices. Lightening-fast, algorithmic traders, known as " black box" players, have multiplied in recent years. Many used to trade open-outcry, yet they are viewed as the antithesis of the old-fashioned pit trader.   Manoj Narang, CEO and chief investment strategist of Tradeworx, a hedge fund that also runs a high-frequency unit, called Thursday a " great day" for his fund, which trades commodity-linked Exchange Traded Funds (ETFs) and stocks.   Narang said that unlike Wall Street's " flash crash" last May, automated trading was not behind oil's plunge. Instead, he cited traders who had gone long-commodities and short the dollar, but were caught out when the U.S. currency bounced up.   " It was a very crowded trade," Narang added.   Even as prices plummeted, oil brokers also stood to gain from the huge jump in trading volumes.   On the sun-drenched plaza outside the exchange overlooking the Hudson River, long-term broker Dominick Caglioti was in good spirits.   " It was great for business because there was a lot of action," he said, extinguishing a cigarette before heading back into the exchange.   " It was still quieter than it used to be, but I guess screens don't yell." (Reporting by David Sheppard, Emma Farge and Jonathan Spicer Editing by Jonathan Leff and David Gregorio) |
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krisluke
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08-May-2011 21:44
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Don't count out 'Gang of Six' US budget group yet
* Six senators still hope to unveil long-term plan-aides
  * Gang of Six, Biden-led group could work in tandem   * Senate 'gang' seen as best hope for long-term debt fix   By Richard Cowan   WASHINGTON, May 8 (Reuters) - Despite suspicions that the " Gang of Six" is doomed, this bipartisan group of senators looking to mediate the U.S. budget battle could be key to Vice President Joe Biden's long-range deficit-control efforts.   " The rumors of our demise are exaggerated," said one Senate aide familiar with the Group of Six's work.   The Obama administration and Congress are desperately searching for a bipartisan deficit-reduction deal. Getting one would clear the way for critical legislation to increase the U.S. government's borrowing authority.   Washington's failure to increase the $14.3 trillion U.S. debt limit would put the government on the cataclysmic path to a first-ever default on its debt obligations in early August.   Lately, the spotlight has shone on what's being called the " Group of Six Plus One" to save the day: Biden, three senators and three leading members of the House of Representatives.   They carry plenty of political heft and the ability to whip rank-and-file members of Congress into supporting a potential deal to enact a wide range of spending cuts.   But it is the Senate's Group of Six, which is avoiding the limelight, that is seen as having the heavyweight expertise to sort out complicated budget issues, along with the willingness to consider tax increases and popular benefit program cuts needed for a long-term fix of the country's fiscal mess.   " Everybody (in the Senate's Gang of Six) has a sense of urgency and wants to get an agreement soon. Hopefully, they'll work out the remaining issues that need to be addressed and announce a deal," said another aide familiar with the talks.   That is not to say their work is mostly done. " There are a number of remaining issues," the aide added.   A third aide said the six senators were " slogging through the issues one would expect to be difficult, which would be entitlements and revenues."   Without reform, entitlements -- the huge federal retirement and healthcare benefit programs, including Social Security, Medicare and Medicaid -- are on track to escalate government debt inexorably as the U.S. population ages.   REVENUES A TOUCHY SUBJECT   Taxes, and whether to increase them in any way, are a touchy subject too -- and an idea most Republicans loathe.   With widespread acknowledgment that entrenched differences over entitlements and taxes can't be fully resolved in time to deal with the debt limit, Biden and Congress might decide to kick them down the road.   And that's where the Senate Gang of Six comes in.   " The best shot for a big deal to reduce the annual deficits and the long-term debt rests with the Gang of Six," said Ethan Siegal, a policy analyst with The Washington Exchange, which tracks political developments for institutional investors.   " If you look at the ideological makeup of those six guys, if they can reach an agreement on fundamental policy issues ... it could be a harbinger of the ability to get 60 votes on the Senate floor" needed to overcome procedural roadblocks.   Siegal and other analysts said there are fears that sooner or later, bond market and currency traders and investors could become spooked by out-of-control annual budget deficits and cumulative debt.   If that were to happen, the work of the Gang of Six, assuming it comes to fruition, could be what everyone looks to for salvation -- be it in 2011, 2012 or beyond.   In the meantime, Senate Budget Committee Chairman Kent Conrad, also a member of the Gang of Six, could soon unveil a Democratic budget plan, one that would reduce deficits by around $4 trillion over 10 years, in part by raising tax revenues.   His budget blueprint would give the Senate Appropriations Committee marching orders on how to dole out federal funds for the fiscal year starting Oct. 1.   Even if it were to clear the Democratic-controlled budget panel, Conrad's budget may never see the light of day in the full Senate, according to one senior Senate Republican aide.   That, in turn, could mean the Gang of Six " theoretically is the only game" in town addressing long-term deficits in a detailed way, said the Republican aide, who has nonetheless been skeptical of progress. (Editing by Todd Eastham) |
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krisluke
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08-May-2011 21:42
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Al Qaeda leader and 17 others killed in Iraq jail clash
By Muhanad Mohammed
  BAGHDAD (Reuters) - Eighteen people, including an al Qaeda leader and a senior Iraqi counter-terrorism official, died in a battle between inmates and security officers during a jailbreak attempt in Baghdad on Sunday, security officials said.   Huthaifa al-Batawi, known as al Qaeda's " Emir of Baghdad" and the alleged architect of a deadly attack on a Catholic church, was killed along with 10 other senior al Qaeda militants, said Baghdad's security spokesman Major-General Qassim al-Moussawi.   The skirmish at an Interior Ministry counter-terrorism unit jail complex in Baghdad's central Karrada district began when a prisoner grabbed a gun from a guard, killed several guards and ministry officers, and gave a weapon to other inmates, Moussawi said.   Inmates controlled a section of the facility for several hours before a SWAT team brought the siege to an end, security officials said.   The jail housed about 250 inmates, many of them members of al Qaeda, one source said.   " Security forces and guards responded to the jail of the counter-terrorism department and killed 11 terrorist-prisoners ... including Huthaifa al-Batawi, the Emir of Baghdad, who was in charge of planning the church attack," Moussawi said.   Moussawi said seven security officers -- including Brigadier Muaid Mahdi, head of investigations at the counter-terrorism unit -- were killed in the skirmish and one other was wounded.   A senior security official who asked not to be named said eight terrorism suspects, most facing death sentences, were killed along with nine security officers, three of them senior officials.   Batawi was arrested along with 11 others in late November in connection with the October 31 assault on Our Lady of Salvation church during Sunday mass. Dozens of hostages and police died when Iraqi forces tried to free more than 100 Catholic hostages.   The attack was the bloodiest against Iraq's Christian minority since the 2003 U.S.-led invasion.   Security officials said it was Batawi who started the jail battle by seizing a guard's gun in an attempt to flee.   Moussawi said the situation at the jail was under control and no prisoners had escaped.   Iraqi security forces have been on high alert for revenge attacks by al Qaeda since U.S. commandos killed the group's leader Osama bin Laden in Pakistan on Monday.   Iraq became a major battlefield for the Islamist militant group after the 2003 U.S.-led invasion that toppled Saddam Hussein.   One Iraqi security official estimates the group is behind 70 percent of the scores of bombings and other attacks carried out in Iraq every month. |
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krisluke
Supreme |
08-May-2011 21:40
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Recovery fears crimp FTSE as US jobs data looms
Paternoster Square, home of the LSE, seen from St Paul's Cathedral
  LONDON (Reuters) - Britain's FTSE 100 was lower early on Friday, as global growth concerns continued to crimp risk appetite, while earnings news supported gains in Admiral, ICAG, and Royal Bank of Scotland.   The FTSE 100 was down 35.35 points, or 0.6 percent, at 5,884.63 by 0853 GMT.   London's blue-chip index has fallen around 200 points, or 3 percent, since Tuesday, as investors have grown increasingly concerned about the health of the global economy.   James Hyerczyk, an analyst at Autochartist, said: " The recent rally to 6,103.00 stopped short of the high for the year, topping at 6,105.77. Based on this range, traders can begin to look for a possible retracement to 5,804 to 5,733" .   Recent British and U.S. data gave signs the recovery was stalling, prompting fears of a return to recession.   Consumers steered clear of the high street last week -- Britain's biggest department store chain John Lewis reported a sharp fall in weekly sales, hit in part by a half-day closure for the royal wedding.   There will be more economic data for investors to chew on. In Britain, investors will watch producer price data for April released at 0830 GMT, while awaiting non-farm payrolls data from the United States.   Elsewhere, in emerging markets such as China and India concerns have turned to overheating economies and government steps to tighten fiscal policy to cool demand.   Metal prices continued to ebb lower on those demand concerns which, in turn, dealt a blow to the mining sector.   Demand worries has cooled appetite for oil, with Brent crude   trading below $100 a barrel, having sustained some of its biggest one-day losses ever in recent days.   Energy shares have slipped as the price of oil has fallen, with BP and Royal Dutch Shell down 1.4 percent and 1.5 percent respectively.   TRAVEL HIGHER   The weaker oil price was good news from travel and transport companies, whose margins should benefit from cheaper fuel costs.   Carnival and Tui Travel gained 2.6 percent and 1.3 percent respectively, while International Consolidated Airlines added 2.5 percent, helped by narrower first-quarter operating losses.   " We are encouraged by recent trends in capacity and with the fall in the oil price recently we continue to see upside in the airline sector," said Atif Latif, director of trading at Guardian Stockbrokers.   Elsewhere, 83-percent government-owned Royal Bank of Scotland rebounded 3.7 percent after its first quarter update.   The British banking sector was rattled on Thursday by Lloyds's 3.2 billion pound charge to cover compensation for people sold insurance they could never claim or did not know they were buying.   RBS said on Friday while the impact from having to settle these insurance claims could be " material" , it was too early to provide an estimate.   Sticking with results, British motor insurer Admiral climbed 5 percent after saying it was likely to beat 2011 profit forecasts after rising customer numbers drove a 56 percent jump in first-quarter sales.   British engineer IMI fell 2.4 percent after saying first-half results would be ahead and naming Roberto Quarta as its new chairman.   IMI's shares had a good run in the lead-up to its trading update. They hit an all-time high on Tuesday of 1,126 pence, while the 14-day Wilder Smoothing relative strength index showed the shares neared overbought territory on the same day. |
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krisluke
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08-May-2011 21:38
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Japan " committed to nuclear power" despite shutdown
Spent Fuel Pool of Reactor Unit 4 of TEPCO Co.'s Fukushima Daiichi Nuclear Power Station in Fukushima prefecture
  TOKYO (Reuters) - Japanese officials said on Sunday they were committed to nuclear power after the prime minister called for a plant to close, but that the target of obtaining half of Japan's electricity from nuclear power by 2030 needed a rethink.   Prime Minister Naoto Kan has called for the closure of a nuclear plant in central Japan, citing the risk of another disastrous quake after the Fukushima Daiichi plant, in the northeast of the country, was destroyed by the March 11 earthquake and tsunami.   Nearly 26,000 people were killed or are still missing after the quake and tsunami which triggered the world's biggest nuclear disaster since Chernobyl in 1986. The plant is still leaking radiation.   The call to shut down the Hamaoka plant signalled a potential shift in energy policy, and while the government says other plants will be unaffected, it could embolden anti-nuclear movements.   Several thousand protesters marched through central Tokyo on Saturday to welcome Kan's call to shut down Hamaoka and urging him to push for further closures.   Deputy Chief Cabinet Secretary Yoshito Sengoku said that Japan would remain committed to nuclear power, although Trade Minister Banri Kaieda, who oversees energy policy, said Japan's target must be reviewed.   " With regard to energy policy, we set the target last June of increasing nuclear power to 50 percent by 2030, but we will have to rethink this," Kaieda said on Fuji TV.   " We must put more effort into renewable energy, and that will become one trigger for (economic) growth."   Chubu Electric Power Co is leaning towards closing the plant as requested and could make the decision at a board meeting as early as Monday, media said.   Asked whether he would seek the closure of other nuclear plants, Kan told reporters on Sunday: " That won't be the case," adding that Hamaoka had an especially high risk of being hit by a massive earthquake.   Japan last year vowed to boost the share of electricity generation through nuclear power to 50 percent by 2030 from the current 30 percent by building at least 14 new reactors.   Government experts put the chance of a magnitude 8.0 quake hitting the Hamaoka area in the next 30 years at 87 percent, which raises questions over why it was built there in the first place.   The magnitude 9.0 quake on March 11 crippled cooling systems at Fukushima Daiichi, operated by Tokyo Electric Power.   Of 54 reactors in commercial use in Japan, 32 are under planned or unplanned maintenance and operators may face resistance to restarting them.   Board members of Chubu, which serves major manufacturers, including Toyota Motor Corp, postponed a decision on Saturday on whether to temporarily close Hamaoka.   Chubu spokesman Akio Miyazaki said another board meeting would be held on or after Monday. The Nikkei business daily said the board would meet on Monday.   Yomiuri newspaper said Chubu was likely to comply with Kan's request to close Hamaoka, with a capacity of 3,617 megawatts, pending introduction of quake and tsunami safety measures -- but only after it finds ways to supply power in a stable fashion. Two of the plant's three working reactors are in operation.   Chubu says it can meet this fiscal year's peak demand of 25,600 MW even if Hamaoka shuts. But the Yomiuri newspaper, quoting a company executive, says the company may have to consider " rolling blackouts" in very hot weather.   Miyazaki said relying on thermal plants to make up shortfalls if Hamaoka closes would push up costs by 700 million yen ($8.7 million) per day -- or about 256 billion yen a year. That could overturn the firm's projected profit of 130 billion yen in the year to March 31, 2012.   Chubu chairman Toshio Mita was in Qatar to discuss possible procurement of liquefied natural gas, Miyazaki said.   (Additional reporting by Mari Saito and Linda Sieg Editing by Nick Macfie) |
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